Nathan McCauley ⚓(@nathanmccauley):Tokenizing an asset means running the legacy stack and a new one on top of it, so the cost lands at 101%. Synthetic exposure is winning on volume because it skips the expensive part. A perp carries no such bill. Tokenization wins the volume argument the day an institution retires the old ledger and that is a decision nobody has made yet.

Nathan McCauley ⚓

@nathanmccauley

Co-Founder and CEO Anchorage Digital @Anchorage #bitcoin#

Joined March 2009

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Nathan McCauley ⚓@nathanmccauley

2026.08.01 03:23

Tokenizing an asset means running the legacy stack and a new one on top of it, so the cost lands at 101%. Synthetic exposure is winning on volume because it skips the expensive part. A perp carries no such bill. Tokenization wins the volume argument the day an institution retires the old ledger and that is a decision nobody has made yet.

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